Home Depot, Network Appliance

MichaelBaron

Among the companies whose shares are expected to be active in Tuesday's session is Home Depot
HD, +2.69%
The home improvement retailer and Dow component is expected to report a third-quarter profit of 46 cents a share, according to analysts polled by Thomson First Call.

Data storage equipment maker Network Appliance
NTAP, +1.71%
is due out with second-quarter numbers for fiscal 2004, for which it is seen posting earnings of 9 cents a share.

Office supplies retailer Staples
SPLS
is expected to report a profit of 32 cents a share for the third quarter.

Software maker Wind River Systems
WIND, -0.20%
is scheduled to report third-quarter results, for which it is anticipated to post a loss of 6 cents a share.

Prudential Financial
PRU, +1.20%
said late Monday that it has agreed to buy the retirement business of Cigna Corp.
CI, +0.17%
for $2.1 billion in cash. Prudential said the acquisition will add $52 billion to the company's assets under management and will be accretive to the company's earnings on a per-share basis.

Agilent Technologies
A, +1.57%
said it earned $13 million, or 3 cents a share, during the fiscal fourth quarter versus a loss of $236 million, or 51 cents a share, in the same period last year. Sales were $1.68 billion versus $1.74 billion last year. Excluding charges, Agilent earned 15 cents a share, much better than the 5 cents a share that analysts had expected. See full story. Shares of Agilent rose $1.80, or 6.7 percent, in late dealings to change hands for $28.55.

Marvel Enterprises
MVL, +5.74%
raised its 2004 sales and earnings estimates on Monday, as the comic book publisher cited stronger promotional support from retailers and better-than-expected international licensing. New York-based Marvel said sales should amount to $415 million to $435 million, up from its previous forecast of $315 million to $345 million. Earnings should hit a range of $1.31 to $1.48 a share, up from its previous estimate of 96 cents to $1.14 a share. See full story. Shares of Marvel pared back its gains in recent action to trade higher by 10 cents at $30.

Graphics-chip maker ATI Technologies
ATYT
upped its expectations for the first quarter of fiscal 2004. The company said it expects to report adjusted net earnings in a range of 16 to 20 cents a share on sales of between $440 million to $470 million. Analysts polled by Thomson First Call are looking for earnings of 13 cents a share, on average, on sales of $424.7 million. For the second quarter, ATI said it expects to see continued strength but due to seasonality expects slightly weaker revenue and profit. Shares of ATI were last trading for $15.45, up $1.60, or 11.6 percent.

MedImmune
MEDI, +3.34%
said late Monday that it was cutting its forecast for the fourth quarter and full year 2003, citing lower-than-expected demand for its nasal spray flu vaccine, FluMist. See full story. Shares of MedImmune ended Monday's session unchanged at $25.58.

Insurance giant MetLife
MET, +0.58%
said that vice-chairman and chief financial officer Stewart G. Nagler will retire in late 2004 after 40 years with the company. Separately, MetLife said that it plans to resume its common stock repurchase activity under its existing $1 billion share repurchase program, of which $806 million remains. See full story. Shares of MetLife added 10 cents to finish Monday's session at $30.32.

Monday's advancers

Beacon Power
BCON
shares continued their rally Monday, surging to close with a 16.3 percent gain. The company saw its shares jump 24 percent to $1.04 on Friday after the Wilmington, Mass., firm posted its third-quarter results. It was the first time the stock closed above the $1 level since January of 2002. In the third quarter ended Sept. 30, Beacon posted a loss of $1.7 million, or 4 cents per share, narrower than its year-ago loss of $9.2 million, or 21 cents per share. As of Sept. 30, it had cash and cash equivalents of $11.6 million.

Shares of Hollinger International
HLR
rose 16.5 percent after the company said CEO Conrad Black and other top executives of the company would step down following an internal review that concluded they received unauthorized payments. See full story.

Innovative Cos.
GORX
shares leapt 13.5 percent after the Largo, Fla., health products firm reported second-quarter earnings of $656,000, or 8 cents per share, up from its year-ago equivalent profit of $275,000, or 4 cents per share. Thomson First Call doesn't publish a consensus estimate for the company's results. Sales jumped to $6.1 million in the latest three months from $3.3 million in the same period a year earlier. The company said results were helped by increased manufacturing sales volumes, and expanded distribution of its CarbSlim product.

Insmed
INSM, -2.84%
shares rose added 15.5 percent after the company reported positive data on its anti-cancer compound. The Richmond, Va., firm said the results indicated its compound, a recombinant human insulin-like growth factor binding protein-3, enhanced sensitivity to radiation therapy, and inhibited tumor formation. Specifically, Insmed said the compound prevented tumor development in 75 percent of mice injected with human breast cancer cells, and inhibited tumor development in 67 percent of the mice that did develop tumors.

QLT
QLTI
shares rose 9.8 percent after the company said limited phase II trials showed Macugen, an anti-vascular endothelial growth factor agent, appeared to provide "no improvement" over the Visudyne therapy for patients with choroidal neovascularization due to age-related macular degeneration. Visudyne is sold through an alliance of QLT and Novartis Pharma AG. Macugen is being developed by Eyetech Pharmaceuticals. "We look forward to exploring the detailed data, when it becomes available, for evidence to support adding this agent to Visudyne, to provide an improved treatment option for patients with this serious disease," said Paul Hastings, QLT's president and CEO, in a press release. QLT said the findings were presented at the American Academy of Opthalmology meeting in Anaheim, Calif.

Sylvan
SYLN
shares leapt 19.4 percent after the company agreed to be acquired by privately held Snyder Associated Cos. Inc. of Kittanning, Penn. in a deal valued at more than $95 million, including the assumption of debt. Under the definitive agreement, Sylvan shareholders would receive $12.25 in cash for each share owned. Sylan expects to complete the deal in the first quarter of 2004 subject to shareholder approval, among other things.

Monday's decliners

CoActive Marketing Group
CMKG
shares lost 15.2 percent after the Great Neck, N.Y., marketing services provider posted a second-quarter profit of $231,139, or 4 cents per share, down from earnings of $449,825, or 8 cents per share, in the same period a year earlier. The company said it saw a boost in reimbursable costs and expenses in the latest quarter to $4.2 million from $1.9 million a year ago, and that sales were hurt by a delay in the launch of marketing program due to the grocers' strike in California. In addition, CoActive said its working capital availability is being constrained by its recent acquisition of TrikMedia for $885,000 in cash. The company plans to secure additional long-term financing of $2 million.

Infinity
IFNY, +0.00%
shares fell 9.7 percent after the company posted a loss of $4.5 million, or 55 cents per share, for the third quarter. These results include amortization of $4.2 million in non-cash loan costs. Thomson First Call doesn't publish a consensus estimate for the company's results. Revenue jumped 86 percent in the latest three months to $5.2 million from $2.8 million in the same period a year earlier. Infinity said production at its Pipeline projects hasn't met its expectations, and that it could experience "a substantial year-end reduction of reserves" related to the project during the fourth quarter.

Metris
MXT, -0.48%
shares dropped 13.3 percent after the company has delayed the filing of its form 10-Q for the September quarter pending resolution of an outstanding valuation issue related to retained interests in loans it has securitized. Metris said KPMG LLP, its external auditors, have issued a letter noting a "material weakness" in internal controls related to valuing these interests. Metris plans to complete its analysis of this matter "as soon as possible" and it doesn't believe the filing delay will impact its credit agreements or debt obligations.

PC Connection
PCCC
shares fell 23.7 percent after the company said its GovConnection unit has lost a contract with the federal government's General Services Administration. The company said the GSA cancelled the contract after a review found that GovConnection's contract management systems and procedures "may have resulted in the sale of unqualified items or the underpayment of required fees." PC Connection has initiated an internal review of the matter, and Gary Sorkin, president of GovConnection, was placed on a leave of absence. In addition, the Justice Department will review the situation. PC Connection also delayed the filing of its 10-Q with the Securities and Exchange Commission.

Roxio
ROXI
shares lost more than 11.7 percent after U.S. Bancorp Piper Jaffray lowered its rating on shares of the Santa Clara, Calif., digital media software developer to "outperform" from "strong buy." The firm cited the impact of a transition to a new chief financial officer after the company named Nand Gangwani to the role following Friday's closing bell. Gangwani replaces Elliot Carpenter, who resigned. Gangwani most recently served as vice president of strategic planning and M&A at Roxio.

Silicon Image
SIMG
plummeted 27.7 percent after the maker of high-bandwidth semiconductor products said late Friday that it will miss its deadline for filing a 10-Q for the third quarter because of a thorough check by its audit committee.

Toys R Us
TOY, -1.03%
shares gave back 12.2 percent after the nation's largest toy-store chain said a deeper-than-expected third-quarter loss forced it to announce it will shutter its Kids "R" Us and Imaginarium concepts and bring down its fourth-quarter forecast. See full story.

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